Question 11 4 pts ABC Company keeps their accounting records on the cash basis. During the year, ABC received $270,000 from clients, and ABC paid $85,000 to cover operating expenses. Account balances as of the dates given are as follow: Jan 1 Dec 31 Change Accounts Receivable $24,000 $52,000 $28,000 Accrued Liabilities $56,000 $40,000 (16,000) Unearned Revenue $35.000 $45,000 10,000 Prepaid Expenses $26.000 $28.000 2.000 In addition, depreciation expense for the current year is $12,000 Net Income on the accrual basis is: $185.000 O $197.000 O $221,000 $200.000 Question 12 4 pts The accounting records of Sparky Corporation, a small manufacturing company show the GOD 8 80 FJ DU FB DD 59 8- Fa FS 76 7 @ & C # 3 $ 4 5 6 7 8 8 9 0